How hot is the housing market?

The Main Line Real Estate Market is in a very different position to the last few years. We have moved from over supply to lack of inventory. Homes are selling in days, with multiple offers and prices are starting to rise. So exactly how hot is the market in your area. Below I am posting some links to reports by School District for the Main Line Area. If I have missed your school district or you want specific information about your development ore your home contact me.

Before I give you the links I want to tell you a recent real estate story. We listed a home and in the first three days obtained multiple offers. On reviewing the offers we discussed not only price, but all the other terms of the agreements of sale, inspection contingencies, settlement dates and mortgage contingencies for examples. In this case the "best" offer was not the highest price, this was the second time this has happened this year in different scenarios. Just because a buyer offers you as very high price does not mean it is the best offer if it is conditional upon a mortgage appraisal or an appraisal contingency to appraise for full price. Sometimes a cash offer with no appraisal contingency although lower can be a better option as the appraisers are lagging behind the market in adjusting their opinions of value. The past few years have put pressure on the market and the comparable sales may not be there for these new prices being obtained and until some of these homes settle to provide the appraisers with comparables to use a home may not appraise for the selling price.

Housing Data by School District:

Tredyffrin/Easttown

Great Valley

Phoenixville

West Chester

Radnor

Lower Merion